Payroll should be a pivot to more financial services
Among the modern workforce’s top requirements is an engaging workplace where employees feel employers are committed to their success in and out of the office.
With a talent pool that’s becoming increasingly competitive, employee engagement is now one of the most important differentiators as employers seek to stand out and increase retention. In fact a recent study by Glassdoor found that the culture and values of an organization are the top predictor of workplace satisfaction, not salary.
An innovative approach to payroll can contribute meaningfully to a positive, engaging culture by allowing employers to demonstrate their commitment to their workforce.
The time has come for enterprises to reimagine the capacity of payroll’s role in the employer-employee dynamic. Employers must embrace solutions that better cater to today’s workforce and capitalize on payroll’s central position in their employment relationship.
Payroll can be reimagined as a vehicle to deliver greater value to workers, for example, financial self-help tools. Over two-thirds of Millennials say they want digital budgeting capabilities to help them manage their money. Given payroll’s inherent proximity to wages, employers should fill the education gap left by banks and provide such options to their employees.
Furthermore, employers are incentivized to enhance their employee’s financial well-being. More than 72% of American workers claim to worry about personal finances during their workday, which costs employers $2,000 in productivity per employee every year. By offering financial planning and wellness support, employers can empower their employees to take control of their finances, producing a more satisfied and focused worker.
Providing workers with funds on their own terms with access to personal finance tools can do more than just keep up with modern technology. A payroll revolution stands to enhance employee productivity, engagement and retention – three priorities of every 21st century business.